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10

Statoil's Q2 Profit Above Expectations

Norway's state oil company Statoil ASA posted second quarter pretax profits at the top end of analyst expectations

Norway's state oil company Statoil ASA posted second quarter pretax profits at the top end of analyst expectations, boosted by slightly higher-than-expected oil and gas production during the quarter.

For the second quarter, the Norwegian oil giant posted pretax profits of 28.33 bln nkr, down from 32.19 bln restated under IFRS rules, but ahead of the 28.08 bln consensus forecast of analysts polled by TDN Finans.

According to TDN, pretax forecasts ranged from 25.55 bln nkr to 30.98 bln.

Sales came in at 109.04 bln nkr, up from a restated 108.39 bln, and well ahead of the 103.63 bln consensus forecast.

This left quarterly earnings-per-share at 5.00 nkr, up from 4.41 last time and ahead of the 4.20 forecast.